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Can Bitcoin's price be explained by United States macroeconomic factors?
University West, School of Business, Economics and IT, Divison of Law, Economics, Statistics and Politics.
University West, School of Business, Economics and IT, Divison of Law, Economics, Statistics and Politics.
2021 (English)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
Abstract [en]

The last decade Bitcoin has gone from being under $1 to $65000 and gained more attention from big institutions and companies such as Tesla, who have invested in Bitcoin. This paper's aim is to see if this decentralized cryptocurrency has been affected by United States macroeconomic variables. The econometric methodologies used are Vector autoregressive model and granger causality. This is to analyse if the Gross domestic product, Consumer Price Index, Unemployment rate and Gross federal debt have any statistically significant impact on Bitcoin’s price. We will look at monthly data from 2015-01-01 to 2020-11-01. The result shows that GDP and unemployment rates have a statistically significant impact on Bitcoin. We explain how this may be connected to Market sentiment theory and how this affects investors behaviours. The variables Gross federal debt and CPI did not impact Bitcoin during this period and were not statistically significant. 

Place, publisher, year, edition, pages
2021. , p. 20
Keywords [en]
Bitcoin, United States, Macroeconomic factors, Var-analysis, Event study.
National Category
Economics
Identifiers
URN: urn:nbn:se:hv:diva-17343Local ID: EXC513OAI: oai:DiVA.org:hv-17343DiVA, id: diva2:1587099
Subject / course
Nationalekonomi
Educational program
Mäklarekonomprogrammet, fastighet och finans
Supervisors
Examiners
Available from: 2021-08-23 Created: 2021-08-23 Last updated: 2021-08-23Bibliographically approved

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